Kong 3 18 1 75 2 3 usa 4 8 25 12 18 8 uk 5 16 16 23

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Unformatted text preview: aysia ranked highly in terms of ease of accessing credit and procedural ease of employing workers, it was behind on dimensions such as ease of starting a business (it takes around 11 days, compared to 6 days in Hong Kong), dealing with construction permits (involves 25 procedures, compared with 13 in Republic of Korea) and registering property (it takes 144 days, compared to 29 days in China). 104 Chapter 3 Enabling the Success of the ETP Exhibit 3-1 Malaysia ranks 23rd in the World Bank Doing Business 2010 Report 2010 Global ranking 2010 Global ranking Ease of doing business Starting a business Dealing with construction permits Registering property Trading across borders Enforcing contracts Singapore 1 4 2 16 1 13 New Zealand 2 1 5 3 26 10 Hong Kong 3 18 1 75 2 3 USA 4 8 25 12 18 8 UK 5 16 16 23 16 23 Thailand 12 55 13 6 12 24 Japan 15 91 45 54 17 20 Republic of Korea 19 53 23 71 8 5 Malaysia 23 88 109 86 35 59 SOURCE: World Bank The Investing Across Borders 2010 Report echoed the message that Malaysia’s ease of doing business can be improved, especially for foreign investors. It also found that Malaysia was behind Asian competitors like Singapore and Republic of Korea, and even trailed ASEAN neighbours such as the Philippines, Vietnam and Indonesia in the level of foreign equity ownership allowed in sectors such as banking, healthcare and telecommunications. In light of the complexities the EPPs are facing, many of them have requested enablers that will improve the business environment. These include: • Liberalisation Examples include allowing foreign legal firms with expertise in Islamic finance to operate in Malaysia (Financial Services) and removing equity ownership conditions for accessing product development funds (Tourism); and • Ease of setup and operations Examples include streamlining licensing procedures to set up early childhood education centres (Education) and further speeding up the processing time of approvals for healthcare facilities (Healthcare). Beyond the EPPs, improving the business environment is an important way in which to achieve the substantial increase in private investment in business opportunities and non-NKEA sectors required to achieve the 2020 GNI targets (as described in Chapter 1). Specific ideas are contained in the Tenth Malaysia Plan, which in turn draws on advice provided by the National Economic Advisory Council. These include a comprehensive review of regulations, further liberalisation of the service sector, reduction in regulatory costs for SMEs and a streamlined Government-to-business interface. Economic Transformation Programme 105 A Roadmap For Malaysia Comprehensive Review of Regulations By 2015, the Government aims to make Malaysia one of the top 10 nations in the world for the ease of doing business. To achieve this goal, the Government will begin with a comprehensive review of business regulations, starting with regulations that impact the NKEAs. Regulations that contribute to improved national outcomes will be retained, while redundant and outdated regulations will be eliminated. This review will be led by Malaysia Productivity Corporation, which will be revamped...
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This note was uploaded on 02/24/2014 for the course ACCOUNTING financial taught by Professor Alan during the Spring '14 term at Howard.

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